Personal loan news and advice

All the latest personal loan news and top tips to help you manage your personal loan.

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5 top renovation loans that could help you turn your home from drab to fab in 2022

Considering a home renovation in 2022? It's time to turn drab to fab! Within your budget of course.So whether the holidays got you thinking about revamping your bathroom, wanting to add a granny flat to your property or ready to start a full house reno, there are a bunch of low rate personal loan options that could help you cover the cost. When it comes to choosing the right renovation loan for your 2022 project (and budget), there are a few things to consider like interest rates, fees and features. For example, right now in the Mozo database the current average unsecured loan variable rate sits at 9.53% and the secured loan variable rate is a lower 7.57%. It’s important when weighing up your options that you look for a loan that offers a lower rate. And where can you find such loans? We’ve got you covered! Here are some top low rate renovation loan options that are jam-packed with handy features that could help you pay less and/or pay down your debt quicker!

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Wedding loans 2022 your top questions answered about borrowing for your big day

Wedding loans 2022: Your top questions answered about borrowing for your big day

Something old, something new, something borrowed and something blue …Who doesn’t love wedding traditions, right? We definitely do! And while we may not be able to help you out when it comes to that something blue, let’s talk about borrowing (because boy do we know a thing or two about that!). No matter if you’re finally putting on your covid-delayed wedding or simply gearing up for your perfect big day in 2022, a wedding loan might be exactly what you need to cover some of the costs.   But there are a few things to look out for, from loan types, interest rates, fees, repayment options and borrowing amounts. So read on to find out the answers to your top questions about wedding loans and how it all works when it comes to borrowing money for the day you’ll never forget. 

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How to use a debt consolidation loan to your advantage in 2022

How to use a debt consolidation loan to your advantage in 2022

Looking to make life simpler in 2022? Aren’t we all! If you’re still carrying multiple personal debts from 2021, like a hefty credit card balance, a lingering personal loan or weighty car loan, debt consolidation might work to your advantage this year.   Not only can debt consolidation loans make paying off your multiple debts a whole lot easier to manage, they can also save you money too! So if you’ve had enough of your current repayment situation, check out the benefits of consolidating your debt in 2022 … 

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Five tips to get an amazingly low rate on a personal loan

Five tips to get an amazingly low rate on a personal loan

Personal loans are popular options for Australians looking to finance home improvements and other big-ticket expenses. With personal loan rates at record lows, they are also useful tools for consolidating and paying down debt. Cheap interest rates and lightning-fast online application and approval times are big drawcards, but there are a few important things to be aware of when hunting down a low personal loan rate. Here are five essential tips from the Mozo experts:1. Use a good credit score to get a low rateOnline lenders reserve their best rates for borrowers with excellent credit, which is generally a score above 800. To boost your credit score, pay bills on time, make credit card repayments by the due date and try not to apply for too many credit or loan products.2. Shop around and compare rates onlineTo find the most competitive personal loan rates, you’ll need to look beyond the big banks. Smaller online lenders have some of the lowest rates around for unsecured personal loans, with interest rates starting from under 6.00% for borrowers with excellent credit.3. Use online rate estimator toolsSome lenders let you enter a few details online to get a quick personalised rate quote without affecting your credit score. It generally takes just a minute or two and you’ll get an estimate of the lowest rates available to you before you make an actual application. 4. Don’t go overboard on loan amountBefore applying for a loan, check you can comfortably afford to make the repayments. Use an online calculator to see how much you can borrow and what the monthly repayments will be.5. Steer clear of payday and fast cash loansPayday loans might be quick and easy to organise, but in Australia the legal interest rate cap for these loans is an astounding 48% p.a. plus hefty upfront fees.

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Want to ditch debt in 2022 here s 6 top tricks

Want to ditch debt in 2022? Here’s 6 top tricks

Debt can be scary, there’s no doubt about that. But, with the right toolkit under your belt (and a little bit of self-discipline) 2022 could be the year that you ditch your personal debt and breathe a sigh of money management relief. So whether you’ve just started paying down your Christmas shopping on your credit card, are struggling to pay off your lingering car loan or just want to stop making endless personal loan repayments, we can help. Here are 6 of our top debt-ditching tricks which could see you become debt-free in 2022: 

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Why you might consider a joint personal loan in 2022 benefits and risks revealed

Why you might consider a joint personal loan in 2022: Benefits and risks revealed

Some things in life are better shared … and this may be the case when it comes to your finances. In fact, many Aussies share financial products like bank accounts, credit cards and home loans, but did you know that you can also share a personal loan? Say hello to the joint personal loan, a banking product you may not even know you needed in 2022. So, what is a joint personal loan? As the name suggests, a ‘joint personal loan’ is shared between two people. These ‘co-borrowers’ apply and repay the loan together. Depending on the lender, these loans can be used to cover a range of things from home renos and wedding costs to the purchase of a new set of wheels. While commonly people apply for these loans with their partners or spouses, in some cases you can also apply with a parent, sibling, family member or even a friend. However, there are some benefits and risks to taking out a joint personal loan that are worth being aware of before you apply. It’s also important to keep in mind that each lender may have different eligibility criteria, so it’s crucial that both applicants meet what’s required. 

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Why a personal loan might suit you more than a car loan for your next vehicle purchase

Why a personal loan might suit you more than a car loan for your next vehicle purchase

When you think about financing a vehicle, your mind may immediately go to car financing or a car loan. But the truth is, for some these options may not be available … which is where a personal loan may step up to the (number) plate.  According to recent industry datas, the used car market continues to boom as the supply issues around new car microchips drag on. “With some people being forced to consider buying a used car as the microchip shortage puts the brakes on the supply of new cars, the used car loan market is running hot,” says Mozo spokesperson Tom Godfrey.  “If the car you’re trying to purchase has a lot of ks on the clock, you might find some car loan providers unwilling to finance it, which is when a personal loan might come in handy.”In fact, Mozo’s latest research showed that 52% of Aussies that took out a personal loan over the last 10 years, used the funds to purchase a car. It revealed that the average car loan borrowing amount was at $25,000, while for personal loans it sat at a lower $14,000. 

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Glasgow cop26 inspired you to go green here are some loan options to reduce emissions at home

Glasgow COP26 inspired you to go green? Here are some loan options to reduce emissions at home

With talks around net zero emissions and green energy still circulating on the back of the Glasgow COP26 climate summit, it’s no surprise if it has inspired you to go green. From installing solar panels, rainwater tanks and water treatment systems to upgrading your white goods and appliances to energy efficient options, there are a range of ways to help the planet from your own home. But the question is: what are your funding options when it comes to a ‘green reno’? Well, if your nest egg doesn’t quite cut it, you may want to consider a green personal loan option. 

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